Block (NYSE:XYZ) Downgraded to "Equal Weight" Rating by Wells Fargo & Company

Block (NYSE:XYZ - Get Free Report) was downgraded by research analysts at Wells Fargo & Company from an "overweight" rating to an "equal weight" rating in a report released on Friday,Briefing.com Automated Import reports. They presently have a $50.00 price target on the technology company's stock. Wells Fargo & Company's target price would suggest a potential downside of 14.66% from the company's current price.

A number of other research analysts also recently weighed in on XYZ. Evercore ISI began coverage on Block in a research note on Wednesday, April 9th. They set an "in-line" rating and a $52.00 price target on the stock. Needham & Company LLC reduced their price target on shares of Block from $90.00 to $60.00 and set a "buy" rating for the company in a research report on Friday. UBS Group lowered their price objective on shares of Block from $98.00 to $97.00 and set a "buy" rating on the stock in a report on Friday, February 21st. Macquarie restated an "outperform" rating and issued a $110.00 target price on shares of Block in a report on Friday. Finally, Barclays lowered their price objective on Block from $97.00 to $70.00 and set an "overweight" rating for the company in a research note on Tuesday, April 15th. Six research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $86.04.

Block Trading Up 0.2 %

NYSE:XYZ opened at $58.59 on Friday. The business's 50-day moving average price is $57.19. The company has a market capitalization of $36.30 billion, a PE ratio of 12.88, a P/E/G ratio of 0.72 and a beta of 2.77. Block has a 1-year low of $46.42 and a 1-year high of $99.26. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.07 and a current ratio of 2.07.

Block (NYSE:XYZ - Get Free Report) last announced its quarterly earnings data on Thursday, February 20th. The technology company reported $0.26 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.37 by ($0.11). The business had revenue of $6.03 billion during the quarter, compared to analyst estimates of $6.23 billion. Block had a net margin of 11.92% and a return on equity of 5.80%. As a group, equities analysts forecast that Block will post 2.54 EPS for the current year.

Insider Transactions at Block

In other Block news, insider Owen Britton Jennings sold 1,263 shares of Block stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $56.19, for a total transaction of $70,967.97. Following the transaction, the insider now directly owns 181,904 shares of the company's stock, valued at approximately $10,221,185.76. This trade represents a 0.69 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Ajmere Dale sold 500 shares of the stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $54.48, for a total transaction of $27,240.00. Following the transaction, the chief accounting officer now directly owns 81,999 shares in the company, valued at approximately $4,467,305.52. This represents a 0.61 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 19,324 shares of company stock valued at $1,297,662. 10.49% of the stock is currently owned by company insiders.

Institutional Trading of Block

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Versant Capital Management Inc raised its holdings in Block by 67.7% during the 4th quarter. Versant Capital Management Inc now owns 394 shares of the technology company's stock valued at $33,000 after buying an additional 159 shares during the last quarter. MassMutual Private Wealth & Trust FSB raised its stake in shares of Block by 48.2% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 418 shares of the technology company's stock valued at $36,000 after acquiring an additional 136 shares during the last quarter. Rosenberg Matthew Hamilton grew its stake in shares of Block by 18.3% in the fourth quarter. Rosenberg Matthew Hamilton now owns 982 shares of the technology company's stock worth $83,000 after purchasing an additional 152 shares during the last quarter. Ulland Investment Advisors LLC increased its holdings in Block by 92.3% during the 4th quarter. Ulland Investment Advisors LLC now owns 2,135 shares of the technology company's stock valued at $181,000 after purchasing an additional 1,025 shares during the period. Finally, Simon Quick Advisors LLC bought a new position in Block during the 4th quarter valued at approximately $203,000. Institutional investors own 70.44% of the company's stock.

Block Company Profile

Square, Inc provides payment and point-of-sale solutions in the United States and internationally. The company's commerce ecosystem includes point-of-sale software and hardware that enables sellers to turn mobile and computing devices into payment and point-of-sale solutions. It offers hardware products, including Magstripe reader, which enables swiped transactions of magnetic stripe cards; Contactless and chip reader that accepts EMV® chip cards and Near Field Communication payments; Chip card reader, which accepts EMV® chip cards and enables swiped transactions of magnetic stripe cards; Square Stand, which enables an iPad to be used as a payment terminal or full point of sale solution; and Square Register that combines its hardware, point-of-sale software, and payments technology, as well as managed payments solutions.

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